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Tue Sep 22, 2020, 02:27 PM

Venezuela's PDVSA to sell crude cargo to Iran's national oil company - source

Source: Reuters

MIDDLE EAST & AFRICA
SEPTEMBER 22, 2020 1:34 PM UPDATED AN HOUR AGO

Venezuela's PDVSA to sell crude cargo to Iran's national oil company - source

By Reuters Staff
3 MIN READ

(Reuters) - Venezuela’s state-run oil company PDVSA has begun loading an Iran flagged large tanker with Venezuelan heavy crude for export, a source with knowledge of the situation said on Tuesday, as ties have deepened between the two OPEC nations.

Venezuela and Iran are under sanctions imposed by the United States, hurting their oil industries and hitting crude exports by shrinking the pool of customers and shipping companies willing to send vessels to their ports.

Washington has sought to disrupt the deepening bilateral trade between the two countries. The United States seized over 1 million barrels of Iranian fuel bound for Venezuela in July.

The Iranian-flagged very large crude carrier (VLCC) arrived in Venezuela’s main oil port of Jose this month carrying 2.1 million barrels of Iranian condensate to be used as diluent for Venezuela’s extra heavy oil production, according to company documents.

The tanker is now due to transport up to 2 million barrels of Venezuela’s heavy Merey 16 crude on its way back, in a sale agreed by PDVSA and the state-owned National Iranian Oil Company (NIOC), the source said.

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Read more: https://www.reuters.com/article/us-venezuela-iran-cargo/venezuelas-pdvsa-to-sell-crude-cargo-to-irans-national-oil-company-source-idUSKCN26D2LO

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